Custody Fees

Date: June 11, 2003

In view of the numerous complaints received by SIAS since last week over the proposed custody charges by broking houses, SIAS now seeks a meeting with the Singapore Securities Association to discuss a resolution.

SIAS wants brokers to review the monthly charge per counter as well as the cap amounts, and to delay the implementation of the charge to allow investors sufficient time to make alternative arrangements. Moreover, we feel that there should be a waiver of charges for the withdrawal of shares pending the implementation of these charges.

Many investors affected by this move are annoyed and feel that the imposition of the charges is unjustified. SIAS will now contact the relevant officials of the Singapore Securities Association and will issue a statement after the meeting has taken place.

Mr David Gerald J.
President & CEO
Securities Investors Association (Singapore)